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India’s non-bank lenders may default on repaying debt raised from the nation’s money market within the next six weeks if additional liquidity is not provided immediately, a person familiar the matter said, citing a letter written by the finance ministry.

Non-bank financiers and mortgage lenders have Rs 2.7 lakh crore ($37 billion) of debt maturing in the next five months, the person said, asking not to be named as the information is not public. According to the letter sent to the corporate affairs ministry, a default could adversely impact productive sectors of the economy, the person said. Bloomberg News has reviewed the correspondence.

NTPC Swings After Profit Misses Estimates In Q2

Shares of the power producer swung between gains and losses after its September quarter profit missed Bloomberg consensus estimates.

Key earnings highlights:

Net profit at Rs 2,426 crore versus estimate of Rs 2,577 crore

Revenue at Rs 22.261 crore versus Rs 19,698.75 crore (YoY)

Hindalco's Net Profit Rises 54% In September Quarter

Shares of the aluminum and copper maker pared gains to trade 2.4 percent higher at Rs 237 after it reported September quarter earnings.

Key earnings highlights (Hindalco standalone and Utkal Alumina):

Net profit up 54 percent at Rs 725 crore

Ebitda up 5 percent at Rs 1,922 crore

Revenue at Rs 10,830 crore

Indian Oil Q2 Profit Declines 52%, Misses Estimates

Shares of the country's largest state-run oil refiner held on to gains and was up 4.9 percent at Rs 149 after it reported profit of Rs 3,247 crore in September quarter which missed Bloomberg consensus estimate of Rs 4,729 crore.

Sensex, Nifty Head for Best Week Since May 2016

Sensex and Nifty are headed for best weekly rally since May 2016 amid earnings and as tensions eased between the government and the central bank over the monetary authority’s independence. An overnight drop in the price of crude also boosted sentiment.

Sensex and Nifty have surged over 5 percent so far this week, their best performance since May 31, 2016, when the indices climbed 5.4 percent.

Punjab National Bank Gains Despite Reporting Loss In September Quarter

Shares of the Delhi-based government-owned bank held on to gains and rose 2.2 percent to Rs 75.60 after it reported wider-than-expected loss in September quarter on higher provisioning.

The S&P BSE Sensex rose as much as 1.67 percent or 575 points to 35,007 and the NSE Nifty 50 Index climbed 1.75 percent or 181 points to 10,562.

The rupee rose as much as 0.82 percent or 60 paise, the most in over a month, to 72.85 per dollar, its highest level since Oct. 1, after Brent crude fell for a fifth day to $72 per barrel

Market breadth was extremely bullish as 1,574 shares were advancing while a little over 500 shares were declining on the BSE.

Bajaj Auto Surges After Highest Ever Monthly Sales

Shares of the Pune-based two- and three-wheeler maker surged as much as 4 percent to Rs 2,703 after the company reported its highest ever monthly sales this October on strong motorcycle sales.

Key sales highlights:

Total sales up 32 percent at 5,06,699 units (YoY)

Domestic sales up 33 percent at 3,19,945 units (YoY)

Exports up 38 percent at 1,86,757 units (YoY)

Motorcycle sales rose 33 percent to 4,32,985 units (YoY)

Commercial vehicle sales rose 30 percent to 73,714 units (YoY)

IGL Surges After Top Court Suggests Taking Over Gas Supply In Gurugram

Shares of the Delhi-based gas distributor rose as much as 6.4 percent to Rs 297.05, its highest level since Sept. 3.

The Supreme Court has suggested the company to take over supply of natural gas in Gurugram district from Haryana City Gas Distribution as an ongoing concern so that the entire dispute can be resolved amicably.

Deloitte Haskins and Sells LLP has been appointed to submit the valuation within four weeks.

Stocks To Watch: Indraprastha Gas, TCS, Reliance Industries And More!

Hindustan Petroleum Corporation will shut its crude unit in Mumbai refinery in January-March 2019 for 10 days. The company will take shut downs at both Mumbai and Vizag refinery in financial year starting from April 2019 for Euro 6 Hookups. The state-run refiner may consider importing Iran oil if U.S. grants waivers. The company also plans to merge Mangalore Refinery and Petrochemicals with self under integration plan. The deal will take place in six months after board approvals. (Bloomberg News)

Indraprastha Gas: Supreme Court suggested the company to take over the supply of natural gas in Gurugram from Haryana City Gas Distribution Ltd. as an ongoing concern so that the entire dispute can be resolved amicably. Deloitte Haskins and Sells LLP has been appointed to submit the valuation within four weeks from today or by November 30. Next hearing is on December 6.

Goodyear India will be shutting down its manufacturing plant in NCR and the boiler operations of the plant from Nov. 4 to Nov. 10 in response to Environment Pollution Authority’s public notice for all industrials regarding pollution control.

Deepak Nitrite commenced operations at its phenol and acetone plant. The plant has the capacity to manufacture 200,000 MTPA of phenol and 120,000 MTPA of its co-product acetone.

Reliance Industries and its four arms announced an open offer in acquisition of up to 2.88 crore shares, representing 25.64 percent of total voting capital of GTPL Hathway at Rs 82.65 per share aggregating to Rs 238.4 crore.

Tata Consultancy Services acquired London-based digital design studio ‘W12 Studios’. This deal will strengthen digital and creative design capabilities and will be part of TCS Interactive division, the company said.

Aarti Industries board approved raising capital by way of equity/debentures to the tune of Rs 750 crore.

Daiichi seeks India court stay on Fortis Healthcare: Bloomberg News

Aegis Logistics statutory auditors—P. D. Kunte & Co. resigned stating they are merging professional practice with another firm of chartered accountants ‘CNK & Associates LLP’ on Oct. 31. The board meeting for the financial results are scheduled for Nov. 5. On this day new statutory auditors will also be chosen.

NBCC India: High Court cleared three out of seven developments in Delhi: Bloomberg News

Nifty Futures Suggest Rebound To 10,500 Levels

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.7 percent or 73 points to 10,488 as of 7:43 a.m.

Asian stocks extended their rebound from a rough October and headed for the biggest weekly rally since July amid hopes for trade talks and China stimulus. Sentiment proved resilient to underwhelming news from Apple Inc. that hit U.S. Nasdaq futures.

Hong Kong and Korean stocks led the advance Friday, taking gains on the MSCI Asia Pacific Index to almost 4 percent for the week. The advance came after a phone call between Presidents Donald Trump and Xi Jinping showed the door is still open for U.S.-China trade talks.

Currencies

The yen slipped 0.1 percent to 112.78 per dollar.

The offshore yuan was little changed at 6.9180 per dollar after advancing more than 0.8 percent Thursday.

The Bloomberg Dollar Spot Index rose 0.1 percent.

The euro traded at $1.1397.

Commodities

West Texas Intermediate crude slid 0.2 percent to $63.40 a barrel.

Gold was flat at $1,233.34 an ounce, little changed on the week.

Here’s the key scheduled event to come on Friday:

The final U.S. jobs report before next Tuesday’s congressional elections may show that hiring improved and that the unemployment rate held at a 48-year low.